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eToroX granted distributed ledger technology licence

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  • Leads the way in ensuring a regulated future for cryptoassets
  • eToro ecosystem acts as a bridge from the old world to the new

eToroX, the digital asset subsidiary of global investment platform eToro, has been granted a distributed ledger technology (DLT) licence from the Gibraltar Financial Services Commission (GFSC).

eToroX was created in 2018 by eToro, the global multi-asset investment platform with over 10 million registered users. eToroX is responsible for defining and executing eToro’s vision around blockchain and the development of cryptoassets.  It provides the evolving product range and infrastructure to support the growth of tokenized assets. Today, eToroX manages eToro’s newly launched wallet and will run the forthcoming exchange.

Commenting on the news Yoni Assia, Co-founder and CEO of eToro, said: We believe that cryptoassets and the blockchain technology that underpins them will revolutionize global finance, bringing about the greatest transfer of wealth ever onto the blockchain. In the future all assets will be tokenized and we are just taking the first steps on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX will help us do this.”

As a group, eToro has long led the way in developing a robust regulatory framework for DLT businesses and operations, including being a founding member of CryptoUK, which was the world’s first self-regulatory body for cryptoasset companies.

Yoni Assia continued: “We are proud to say that we are amongst the first companies in the world to obtain a licence for cryptoassets and one of very few regulated companies in the crypto space.”

The GFSC’s new model for licensing DLT companies sets out nine regulatory principles designed to protect users of DLT whilst encouraging innovation to flourish. The principles include requirements for licence holders to have systems in place to prevent, detect and disclose financial crime risks such as money laundering and terrorist financing, and to maintain appropriate financial and non-financial resources.

Commenting on the licence Doron Rosenblum, Managing Director of eToroX, said:

“We believe that a strong system of regulation will support the mass adoption of blockchain technology, including cryptoassets. We don’t need to reinvent the wheel to regulate blockchain. Whilst blockchain brings some unique challenges to regulators, we can protect users and help support new ideas by applying the same fundamental principles as we have in other financial markets.

“The GFSC has been forward-thinking in developing this framework and we hope it serves as a blueprint for other markets. The licence process has been thorough but by working closely with the GFSC we are pleased to say that we now have a licence and look forward to supporting the growth of tokenized assets.”  

eToro acts as a bridge between the old world of investing and the new, helping investors navigate and benefit from the transition of assets to the blockchain. eToro is the only regulated brokerage service where investors can deposit fiat and then trade or invest in cryptoassets alongside more traditional assets such as stocks or commodities.

Yoni Assia added: “The launch of our wallet and the forthcoming exchange are big steps for eToro in expanding our crypto offering. With the launch of our wallet, we can for the first time provide clients with a means of transferring cryptoassets away from the eToro platform. With the eToroX wallet, customers are able to send and receive crypto via the blockchain.”

The wallet is a new product which is being rolled out on a phased basis both in terms of geographic reach and functionality.

About eToroX

eToroX is a subsidiary of the eToro Group. The business was formed in 2018 to provide the infrastructure to support eToro Group’s commitment to facilitating the evolution and growth of tokenized assets. It provides eToro’s newly launched wallet and will run the forthcoming exchange.

The distributed ledger technology (DLT) provider licence was granted by the Gibraltar Financial Services Commission to eToroX in December 2018 (licence number FSC1333B).

eToroX is incorporated in Gibraltar with company number 116348 and its registered office is at 57/63 Line Wall Road, Gibraltar.

About eToro

eToro empowers people to invest on their own terms. The platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. eToro is a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.

eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated by the Financial Conduct Authority in the UK.

www.etoro.com

Cryptoassets are a highly volatile, non-regulated and are not appropriate for all investors. Trading cryptoassets is not supervised by any EU regulatory framework. Your capital is at risk.

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As Brexit negotiations ensue, how will ongoing uncertainty affect the financial markets?

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The continued disruption could hold significant value to those willing to take advantage of this uncertain period.

Almost half of food manufacturers have said access to new UK markets will form a significant part of their growth strategies, with a further 46% citing export markets.

Technology will also continue to play an ever-increasing role in our daily lives, regardless of a good, bad or no deal Brexit. For investors, a focus on tech could naturally lead to firms like Apple, Facebook or IBM.

Last year, the London Stock Exchange (LSE) said more than two-thirds of the revenues earned by companies listed on its FTSE 100 came from overseas. BHP, for example, is a mining company that earns 100% of its income from international markets. It produces coal, copper, iron ore and petroleum – even if the UK does stop needing quite so much of them, there are plenty of other places that do. Similarly, banking giant HSBC has a branch on most high streets and employs tens of thousands of people in the UK. But despite its huge footprint here, it earns 75% of its revenues from international markets.

BRUSH UP ON BREXIT

It might be surprising but tobacco companies are classed as Brexitproof as are some booze brands – people rarely give up smoking and drinking in a time of crisis. British American and Imperial Tobacco…

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Blockchain project that incentivises people to test for diabetes by handing them cryptocurrency wins first GoodDollar hackathon attended by Israeli ambassador in Rwanda

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The hackathon for reducing global wealth inequality using decentralised technology was won by a prototype for a system that encourages citizens to be checked for diabetes in return for GoodDollar tokens

GoodDollar, a not-for-profit research hub that explores how decentralised cryptocurrencies and blockchain technology may enable models based on universal basic income (UBI) with the central aim of reducing global wealth inequality, held the inaugural Hackinequality event in Tel Aviv on March 14 and 15.

The judging panel, after much debate, agreed that the three-person t2d team – made up of Jesse Medina, Lior Yaffe, and Yaron Shmaria – had done enough to see off competition from the other eight social impact projects.

The team won the US$2,500 first prize, though the money was of secondary importance, with their contribution for social impact by far the more valuable.

Winning for good: t2d, victors in GoodDollar’s inaugural Hackinequality event, celebrate their success alongside the judges and GoodDollar members after 16 hours of fierce competition (photograph credit: Ben Palhov)

Nine teams had 16 hours to work on their projects at the eToro offices in Bnei Brak, and their dedication was commendable. Most of the talented 35 participants – including programmers, analysts, designers, user experience experts, blockchain enthusiasts – burnt the midnight…

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eToro Officially Launches Crypto Trading Platform & Wallet in the U.S.

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Global platform allows U.S. customers from 32 states and U.S. territories to trade 13 cryptoassets with multi-asset trading to arrive in Q1 2020

New York, NY — March 7, 2019— eToro, a global multi-asset trading platform with over 10 million registered users, announced the launch of its platform and cryptoasset wallet in the United States. With the launch, U.S. customers with diverse levels of expertise can leverage eToro to collaborate with one another to find the best cryptoasset trading strategies in an environment rich with unconventional educational tools.

At eToro, you can share your real track record, portfolio, and trades with the community, allowing users to engage with each other on trading ideas that are executed using real dollars. For those new to crypto trading, the community and educational resources introduce users to this new asset class and the risk profiles involved in it.

Yoni Assia, Co-founder & CEO of eToro, said: “For the first time, Americans can collaborate with other crypto traders when making buying and selling decisions. Users can adjust their trading strategies by watching and…

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